John Holland – a unit of China Communications Construction International – has pulled out of the auction process to buy Lendlease’s services division, the latter confirmed today.
“Notwithstanding the withdrawal in the last week of a party with whom we had been negotiating, the sale process for the services business continues,” the Australian property developer said in a statement emailed to Inframation.
“The services business has had a solid start to the year and remains on track to meet its financial targets for FY20 [ending 30 June]. The business has successfully won and converted contracts from an attractive pipeline of opportunities.”
Lendlease has been trying to sell the services unit – which analysts estimate could be worth AUD 300m (USD 205m) – since March last year, alongside its civil engineering business. The combined division has since been restructured, and in late December Lendlease announced it had agreed to sell certain projects in the engineering unit to Spanish contractor Acciona for AUD 180m.